Stat: Millennials have counter-intuitive money habits

While Millennials are generally wise to money matters, and often considered better at managing their finances than other generations, a recent report by market research firm GWI reveals this group’s contradictory spending behaviours.

According to the report’s analysis of Millennial lifestyles, this group is more likely than other generations to be impulsive with their purchasing (35%). The research also outlines the paradoxical behaviours of this group, with many being cautious about money, while also being willing to invest in riskier assets. GWI reports that the number of Millennials investing in cryptocurrency, for example, has grown by 65% since 2019. ‘It's clear that this is a generation with an awareness of their responsibilities, but they still want to enjoy life, look after themselves and take some risks when it comes to investments,’ says Jason Mander, chief research officer at GWI.

With the Cost of Living crisis becoming an increasing concern across generations, Millennials are likely to benefit from brands’ and banks’ Financial Wellness initiatives that address or rebalance impulsive habits.